Burger King in talks to buy Tim Hortons

BLOOMBERG NEWS

August 24, 2014

Burger King Worldwide Inc. is negotiating to buy Canadian coffee and doughnut chain Tim Hortons Inc., the companies said Sunday.

The two franchisers are in talks to form a new holding company that would create the world's third-largest quick-service restaurant group, they said in a statement. The new publicly listed company would be headquartered in Canada, its largest market.

3G Capital, the majority owner of Burger King, will own the majority of the shares of the new company, with the remainder held by existing shareholders of Tim Hortons and Burger King, according to the statement. Tim Hortons, based in Oakville, Ontario, and Miami-based Burger King would operate as standalone brands, it said.

The combined company would have about $22 billion in sales and more than 18,000 restaurants in 100 countries, according to the statement.

The deal remains subject to negotiation of final agreements.

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